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“What an honor this is for me today to be able to take this facility and take it to the next level. When I was 8, 10, 11 years old, and (it) had such an impact on me,” Fertitta said.

The school will transform an area near the arena into Hofheinz Plaza and ask the city to rename a portion of Holman Street after the Hofheinz family.

“Times have changed. We realize that and we know that if our father were alive today that he would be supportive of this project with great enthusiasm. He was a great booster of the university. We know he would agree that the name change would be necessary to bring the university to the next level of excellence,” said former mayor Fred Hofheinz, son of Roy Hofheinz.

The school believes the renovation will give it a competitive advantage and a push toward entering the Big 12 Conference.